The pharmacy market - Italy

A pharmacy is a commercial and health care establishment where drugs, medical devices, and other health and wellness products are sold. it is run by one or more pharmacists, who are pharmacy-educated and licensed professionals. Pharmacies also offer drug and treatment counseling and information services and play a key role in the health care system by providing an easily accessible access point for citizens to purchase drugs and obtain professional health advice. The global pharmaceutical market shows steady growth from 2024 to 2030 .Starting from $1351.7 billion in 2024, it is expected to reach $2060.6 billion in 2030. This represents an increase of 52.4 percent over six years with a compound annual growth rate (CAGR) of7.8 percent. Growing demand for specialty medicines globally and rising prescription drug spending in developed countries are expected to drive market growth over the forecast period. In addition, the increasing prevalence of chronic diseases, mainly due to changes in lifestyle and the rapidly aging population, is complementing the market growth. Increased demand for prescription drugs is contributing to the growth of the industry, with pharmacies experiencing a surge in activity due to the need to dispense these drugs. By product type, the prescription drug segment dominated the pharmaceutical market with the largest revenue share of 81.5 percent in 2023. The European pharmaceutical market is set to grow, parting from $331.07 billion in 2023, it is estimated to reach $430.65 billion in 2028, marking a 30 percent increase. This growth is attributedto the growing number of people with chronic diseases who are turning to online pharmacies for convenience and accessibility to medicines, especially in rural areas. In recent years, the Italian pharmaceutical industry has grown significantly in terms of development, added value, trade and investment, with total sales increasing by 9%, and the value of the market is expected to grow steadily at a CAGR of 3.51%. In terms of research, it holds about 18% of the total licensed clinical trials in the entire European Union.